SINGAPORE, May 15 (Reuters) – Copper and most other base metals rose on Wednesday, after U.S. President Donald Trump insisted that trade talks with China had not collapsed.
Trump on Tuesday called the trade war with China “a little squabble” and softened his tone in a series of remarks expressing optimism about reaching a trade deal with Beijing, While a Beijing senior diplomat also confirmed that the two countries would “pursue relevant discussions”.
Base metals rallied on Tuesday from a recent sell off, as signs emerged that the two countries might continue their trade talks, but some remained cautious over the outlook for metals.
“Even with Trump’s words soothing markets for the moment, we suspect copper and the rest of the base metals sector will struggle while the trade conflict remains unresolved, even though fundamentals remains positive,” ANZ said in a note.
* Three-month copper on the London Metal Exchange rose 0.6% to $6,060 a tonne by 0155 GMT, while nickel advanced 0.6% and zinc climbed 1%. However, aluminium fell 0.2% and tin slipped 0.5%.
* All base metals on the Shanghai Futures Exchange rose, following a strong rally session overnight in London. Shanghai copper rose 0.3% percent to 47,650 yuan ($6,938.88) a tonne, while aluminium advanced 1%.
* Global miner BHP will hold on to the Australian nickel operations it previously put up for sale, while Rio Tinto, is working on copper and lithium projects as the mining industry bets on demand for electric vehicle (EV) batteries.
* Barrick Gold Corp, the world’s second largest bullion miner, is preparing its Zambian copper mine Lumwana for sale in the second half of 2019, looking to target Chinese buyers, three sources with knowledge of the matter said.
* U.S. lawmakers on Tuesday moved closer to developing a national electric vehicle supply chain policy, with senators voicing bipartisan support for legislation designed to parry China’s dominance in metals and battery production.
* The U.S. has again decided not to impose tariffs on rare earths and other critical minerals from China, underscoring its reliance on the Asian nation for a group of materials used in everything from consumer electronics to military equipment.
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* Asian stocks struggled near a 3-1/2-month low on lingering concerns over the economic impact of a U.S.-China trade war, although an overnight bounce on Wall Street helped limit the losses.
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Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.8671 Chinese yuan renminbi)
Reporting by Mai Nguyen; Editing by Rashmi Aich